Allspring Global Investments Holdings LLC Grows Position in Chord Energy Co. (NASDAQ:CHRD)

Allspring Global Investments Holdings LLC raised its stake in shares of Chord Energy Co. (NASDAQ:CHRD) by 30.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 744,309 shares of the company’s stock after purchasing an additional 172,196 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.22% of Chord Energy worth $88,459,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Stone House Investment Management LLC purchased a new stake in Chord Energy in the third quarter valued at approximately $26,000. Brooklyn Investment Group acquired a new stake in shares of Chord Energy in the fourth quarter worth $29,000. UMB Bank n.a. raised its holdings in shares of Chord Energy by 77.7% during the third quarter. UMB Bank n.a. now owns 231 shares of the company’s stock worth $30,000 after purchasing an additional 101 shares during the last quarter. Spartan Fund Management Inc. acquired a new position in Chord Energy during the third quarter valued at $34,000. Finally, Fortitude Family Office LLC purchased a new stake in Chord Energy in the third quarter valued at $47,000. Hedge funds and other institutional investors own 97.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CHRD. Royal Bank of Canada reduced their price objective on Chord Energy from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th. Piper Sandler reduced their price target on Chord Energy from $194.00 to $193.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Bank of America reissued a “neutral” rating and issued a $138.00 price target (down from $208.00) on shares of Chord Energy in a report on Monday, January 13th. Morgan Stanley assumed coverage on shares of Chord Energy in a research note on Friday, January 10th. They set an “equal weight” rating and a $158.00 price objective on the stock. Finally, Wolfe Research upgraded shares of Chord Energy from a “peer perform” rating to an “outperform” rating and set a $155.00 target price for the company in a research note on Friday, January 3rd. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $173.08.

Chord Energy Stock Performance

NASDAQ:CHRD opened at $109.67 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.93. The stock has a market capitalization of $6.70 billion, a PE ratio of 5.65, a P/E/G ratio of 5.46 and a beta of 0.98. Chord Energy Co. has a fifty-two week low of $107.24 and a fifty-two week high of $190.23. The company has a fifty day moving average of $117.47 and a two-hundred day moving average of $130.46.

Chord Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Wednesday, November 27th were given a dividend of $1.25 per share. The ex-dividend date was Wednesday, November 27th. This represents a $5.00 annualized dividend and a dividend yield of 4.56%. Chord Energy’s dividend payout ratio (DPR) is presently 25.75%.

Insider Buying and Selling

In related news, CAO Shannon Browning Kinney sold 1,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $116.35, for a total value of $116,350.00. Following the completion of the transaction, the chief accounting officer now directly owns 19,488 shares of the company’s stock, valued at approximately $2,267,428.80. This represents a 4.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by insiders.

Chord Energy Profile

Chord Energy Corporation operates as an independent exploration and production company in the United States. It acquires, explores, develops, and produces crude oil, natural gas, and natural gas liquids in the Williston Basin. The company sells its products to refiners, marketers, and other purchasers that have access to nearby pipeline and rail facilities.